İLK HALKA ARZLARDAKİ DÜŞÜK FİYATLANDIRMANIN İSTANBUL MENKUL KIYMETLER BORSASINDA DEĞERLENDİRİLMESİ

Year 2008, Volume: 22 Issue: 1, 407 - 419, 27.11.2010

Ahmet Kurtaran

Abstract

Hisse senetleri ilk halka arz edildiklerinde gerçek değerinin
altında bir fiyattan satılabilmektedir. Bu şekilde ortaya çıkan düşük
fiyatlandırmayla hisselerini halka arz eden firmalar yatırımcıları kendilerine
çekmeye çalışmaktadır. Bu çalışmanın amacı, İstanbul Menkul Kıymetler
Borsası’nda gerçekleşen ilk halka arzlardaki düşük fiyatlandırma seviyesini
tespit etmek ve düşük fiyatlandırmayla varlıkların halka arzdan sonraki kısa ve
uzun vadedeki getirileri arasındaki ilişkiyi ortaya koymaktır. Bu amaçla
öncelikle düşük fiyatlandırmanın nedenleri araştırılmış, daha sonra İMKB’deki
ilk halka arzların ilk getirileriyle arzdan sonraki getirileri arasındaki ilişki
incelenmiştir.

Keywords

Düşük Fiyatlandırma, İlk Halka Arz, İlk Getiri

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